Posts by Ty Griffith
State & Local Tax News January 2024
Tennessee Ruling Addresses the Taxability of IT Services Including Software Customization
By: Tracey Stewart, SALT Associate At a glance Schedule a free consultation today to learn more! The full story: On November 17, 2023, the Tennessee Department of Revenue (Department) issued a Letter Ruling (Ruling) to a Taxpayer regarding the taxability of certain IT services it received from a third-party Project Team.1 A closer look at…
Read MoreMassachusetts Tax Board Rules that Nonresident is Subject to Tax on Gain from Stock Sale
By: Michael Colavito, SALT Director At a glance Schedule a free consultation today to learn more! The full story: When an individual recognizes gain of the sale of stock in a corporation, the typical result for state income tax purposes has generally been that the individual is only subject to income tax on that income…
Read MoreColorado Ruling Addresses Sales Tax on Food Sold for Human Consumption and Local Tax Uncertainty
By: Jeff Glickman, SALT Partner At a glance Schedule a free consultation today to learn more! The full story: At the risk of identifying myself as a state tax nerd, how many of you have ever examined your grocery store receipt (my hand is raised)? If you answered yes, you may have noticed that some…
Read MoreIndiana Ruling Addresses Taxation of a Nonresident’s Deferred Compensation
By: Betsy Goldstein, SALT Senior Manager At a glance Schedule a free consultation today to learn more! The full story: Almost all employees, during their working careers, will voluntarily defer a portion of their earnings to a later date and/or their employers may offer compensation that by its terms is deferred to a later date.…
Read More6 Manufacturing & Distribution Insights from Q1 2024 and What They Mean for You
The manufacturing sector has contracted for 14 consecutive months, but at a slowing rate. Production is up slightly, and factory construction is booming. However, truck tonnage, railroad traffic, and inbound containers are declining as manufacturers re-shore production. Interest in warehouse and factory jobs is rising, suggesting a looser labor market. Manufacturing wages remain high despite…
Read MoreThe Pulse on the Economy and Capital Markets: January 15 – 19, 2023
To Summarize: AI-driven stocks surge as other markets remain weak amid delayed Federal Reserve (Fed) rate cut expectations. Consumer activity remains strong coming off high December retail sales, improved sentiment and declining inflation. However, slowing growth in the Services sector continues to raise concerns. We unpack this and more in the January edition of The…
Read MoreWhen Does Cost or Pricing Data need to be Certified, and What does that Mean?
At a glance: Schedule a consultation with Aprio’s Government Contract Compliance team today. The full story: Almost all FAR Part 15 procurements require the contractor to submit cost or pricing data, defined in the FAR as all factual and verifiable factors that prudent buyers would expect to significantly affect price negotiations as of the date…
Read More6 Real Estate Insights from Q4 2023 and What They Mean for You
The commercial real estate market is currently experiencing a slowdown after a period of rapid post-pandemic growth. Rising interest rates are impacting the market, with the gap between cap rates and bond yields narrowing. While lending remains cautious, there is no significant increase in lender concerns. Publicly traded REITs have seen declines in market value,…
Read MoreIRS Announces Second Phase – ERC Amnesty Program
At a glance: Schedule a consultation with Aprio The full story: On December 21, 2023, the IRS announced a second Employee Retention Credit (ERC) amnesty program, providing businesses that previously applied for and received the ERC the opportunity to return the funds received without facing future penalties related to their filing. In addition, the program…
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